SPAIN

FLAG
: The national flag, adopted in 1785, consists of three horizontal
stripes: a yellow one—equal in size to the other two
combined—between two red ones, with the coat of arms on the yellow
stripe.

ANTHEM
:
Marcha Real Granadera (March of the Royal Grenadier).

MONETARY UNIT
: The peseta was replaced by the euro as official currency as of 2002. The
euro is divided into 100 cents. There are coins in denominations of 1, 2,
5, 10, 20, and 50 cents and 1 euro and 2 euros. There are notes of 5, 10,
20, 50, 100, 200, and 500 euros. As of May 2003, €1 = $1.0977 (or
$1 = €0.911).

CUSTOMS AND DUTIES

Spain, a member of the European Union and the World Trade Organization,
adheres to EU and GATT trading rules. Spain determines customs duties
based on cost, insurance, and freight (CIF), and applies the EU Common
External Tariff to non-EU imports. Most customs costs amount to 20-30%
of CIF, including tariffs, value-added tax (16%), and customs agent and
handling fees.

HOUSING

A housing boom beginning around 1998-2001 saw the creation of over two
million new houses with about 600,000 new houses built in 2000. In 2000,
about 20% to 25% of the housing market was attributed to those building
second homes/vacation homes. Preliminary results from the 2001 census
indicate a total of over 14 million dwelling units nationwide.

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